A real estate holdings and property management firm has bought an 18-unit multi-family complex in the Myrtle Grove area for $1.15 million.

Paul S. Loukas of Cape Fear Commercial represented the seller, Winmill LLC, in the purchase of Joey Court Apartments at 7408 Myrtle Grove Road. The buyer was George Harriss Enterprises, who was represented by the president of the firm, John Harriss.  

“We decided this was a good time and there was a good buyer available,” said Joseph Miller, one of the former owners and developers of Joey Court Apartments.

Harriss said the Myrtle Grove Road purchase marks the first time his company has invested in property in the Myrtle Grove/Monkey Junction area of town.

The property includes eight duplexes and two single-unit buildings and historically has had a 92 to 95 percent occupancy rate with minimal turnover, according to a Loopnet.com listing.

The project traded at roughly an 8.5 percent capitalization rate, according to a Cape Fear Commercial news release Wednesday.

“As cap rates remain extremely low in major metropolitan areas, demand for higher-yielding but well-performing assets in tertiary markets like Wilmington continues to grow,” Loukas said in the release.